Cibra Capital LLC

Item 5. Fees and Compensation
CIBRA does not receive a fee based on the assets or performance of the Clients. Clients are charged management and
performance fees by CIBRA Ltd or other parties as set out in the prospectus and/or TAA, as applicable.
Under the sub-advisory arrangement, CIBRA Ltd has contracted with CIBRA to provide certain investment advisory
services to the Clients and pays CIBRA a fee based on a set percentage calculation, as agreed under the SLA. CIBRA Ltd
pays to CIBRA a service fee, calculated at a cost-plus rate, based on the basic salaries of employees engaged in providing
services to CIBRA Ltd. CIBRA submits monthly invoices in arrears to CIBRA Ltd for the services rendered.
In addition to the sub-advisory fee described above, CIBRA is reimbursed by CIBRA Ltd for all documented out-of-pocket
fees, costs, expenses, liabilities and obligations incurred by CIBRA in connection with its sub-advisory services to the
extent that such costs and expenses were approved by CIBRA Ltd.
The Fund bears its own operating and transactional expenses, as described in its prospectus. These expenses generally
include legal, accounting, audit, administration, custody and depositary fees; insurance; regulatory, listing and
compliance costs; research expenses; valuation services; brokerage commissions and other investment-related
expenses; financing and interest costs; taxes; marketing and distribution expenses; and extraordinary expenses such as
litigation or liquidation costs. A research charge of up to 0.25% of the Fund’s net asset value per annum may also be
charged to the Fund to cover certain third-party research services.
Prospective investors should carefully review the Fund’s prospectus and related documentation for a full explanation of
all fees and expenses.
CIBRA also serves as a sub-adviser to non-U.S. institutional SMAs which are made up of designated portions of the assets
of unaffiliated private funds. These SMAs will be responsible for their operating expenses and their pro rata share of
certain reimbursable investment expenses as described in the respective TAA and private fund’s offering documentation.
For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.

CIBRA CAPITAL LLC                                                                                      Form ADV Part 2A

Item 7. Types of Clients
As stated in Item 4, CIBRA acts as sub-adviser and provides investment advisory services to a UCITS fund and non-U.S.
institutional SMAs.
Investors in the Fund may include, without limitation, sovereign wealth funds, trusts, estates, family offices,
corporations, partnerships, endowments, or other investment entities.
The minimum investment amount for the Fund is €100,000 but will differ depending on share class and the region in
which the Fund’s interests are being offered.
The Firm has not currently established any investment minimum for any potential separately managed account clients.
The establishment of any client account is subject to the sole discretion of the Firm and its affiliates.